Question

In: Accounting

Please write 2-3 paragraphs of essay (give explanations) about STATEMENT NUMBER 39 (FINANCIAL REPORTiING &CHANGING PRICESs...

Please write 2-3 paragraphs of essay (give explanations) about STATEMENT NUMBER 39 (FINANCIAL REPORTiING &CHANGING PRICESs ( ISSUED 10 / 80). If possible please give an example.

Please do not copy from other websites. Thank you!

SUMMARY OF STATEMENT NO. 39

FINANCIAL REPORTING AND CHANGING PRICES: SPECIALIZED ASSETS—MINING AND OIL AND GAS—A SUPPLEMENT TO FASB STATEMENT NO. 33 (ISSUED 10/80)


FASB Statement No. 33, Financial Reporting and Changing Prices, requires companies that meet specified size tests to disclose certain supplementary information on both a historical cost/constant dollar basis and a current cost basis. This Statement:

Applies the provisions of Statement 33 for measuring current costs to the mineral resource assets of mining and oil and gas enterprises.

Requires the disclosure of information about quantities, production, and selling prices of mineral resources other than oil and gas reserves.

The information required by this Statement, like the information required by Statement 33, is experimental. This Statement will be reviewed comprehensively, at the same time as Statement 33, after a period of not more than four years.

In recent years, extensive new disclosure requirements have been imposed on the oil and gas industry. The Board intends to study further the usefulness of those requirements in providing information about the effects of changing prices. It intends to work with the oil and gas industry and the Securities and Exchange Commission to refine the requirements and to develop improved methods of presentation.

Solutions

Expert Solution

ragraphs of essay (give explanations) about STATEMENT NUMBER 39 (FINANCIAL REPORTiING &CHANGING PRICESs ( ISSUED 10 / 80). If possible please give an example.

Please do not copy from other websites. Thank you!

SUMMARY OF STATEMENT NO. 39

FINANCIAL REPORTING AND CHANGING PRICES: SPECIALIZED ASSETS—MINING AND OIL AND GAS—A SUPPLEMENT TO FASB STATEMENT NO. 33 (ISSUED 10/80)


FASB Statement No. 33, Financial Reporting and Changing Prices, requires companies that meet specified size tests to disclose certain supplementary information on both a historical cost/constant dollar basis and a current cost basis. This Statement:

Applies the provisions of Statement 33 for measuring current costs to the mineral resource assets of mining and oil and gas enterprises.

Requires the disclosure of information about quantities, production, and selling prices of mineral resources other than oil and gas reserves.

The information required by this Statement, like the information required by Statement 33, is experimental. This Statement will be reviewed comprehensively, at the same time as Statement 33, after a period of not more than four years.

In recent years, extensive new disclosure requirements have been imposed on the oil and gas industry. The Board intends to study further the usefulness of those requirements in providing information about the effects of changing prices. It intends to work with the oil and gas industry and the Securities and Exchange Commission to refine the requirements and to develop improved methods of presentation.


Related Solutions

please write 2-3 paragraphs(essay) about: please explain income tax of Oil&Gas producing industries according to the...
please write 2-3 paragraphs(essay) about: please explain income tax of Oil&Gas producing industries according to the STATEMNT Number# 9 (ACCOUNTING FOR INCOME-TAXES: OIL&Gas PRODUCIING COMPANIES-AN AMENDMENT OF APB OPINIONS NUMBER 11&23. If possible with an example. Thank you Please do not copy and paste from other websites. STATEMENT NO. 9-Summary This Statement addresses allocation of income taxes related to intangible drilling and development costs (IDC) that are deductible in determination of taxable income, but are capitalized and amortized in the...
please write 2-3 paragraphs(essay) about: Explain why we should capitalize construction peroid interest in Oil&Gas producing...
please write 2-3 paragraphs(essay) about: Explain why we should capitalize construction peroid interest in Oil&Gas producing entities accouding to Statment Number34 (Capitalizaation of Inteerest cost) standard. Please do not copy and paste from other websites. Thank you CAPITALIZATION-OF-INTEREST-COST ( ISSUED 10//79 ) Summary This Statement establishes standards for capitalizing interest cost as part of the historical cost of acquiring certain assets. To qualify for interest capitalization, assets must require a period of time to get them ready for their intended...
Please write (typed) 2-3 paragraphs about strategic teams (team work) and what are the pros and...
Please write (typed) 2-3 paragraphs about strategic teams (team work) and what are the pros and cons of using employee teams to achieve the organization objectives? With examples
Please write (typed) 2-3 paragraphs about strategic teams (team work) and what are the pros and...
Please write (typed) 2-3 paragraphs about strategic teams (team work) and what are the pros and cons of using employee teams to achieve the organization objectives?
Please write (typed) 2-3 paragraphs about strategic teams (team work) and what are the pros and...
Please write (typed) 2-3 paragraphs about strategic teams (team work) and what are the pros and cons of using employee teams to achieve the organization objectives?
please write 2-3 paragraphs about it Describe the most important aspects of Versailles. Include in your...
please write 2-3 paragraphs about it Describe the most important aspects of Versailles. Include in your discussion influences, Louis XIV’s taste, and descriptions of the interior, the façade, the gardens, and their scale.
WRITE An essay (or 3 small paragraphs ABOUT STUDENTS’ GOALS FOR English 28 COURSE BASED ON...
WRITE An essay (or 3 small paragraphs ABOUT STUDENTS’ GOALS FOR English 28 COURSE BASED ON THE THREE QUESTIONS:   1. WHY ARE YOU TAKING THIS COURSE? Think about your goals, the cause, reason you signed up to this class, the outcome you want to accomplish/get from English 28 2. HOW CAN YOU ACHIEVE YOUR GOALS?   3. WHAT DO YOU EXPECT TO LEARN IN THIS CLASS?
Write atleast 2 paragraphs of a formal argumentative essay that talks about this topic “death sentence...
Write atleast 2 paragraphs of a formal argumentative essay that talks about this topic “death sentence should be activated in every country of the world"
Please write (typed) 2-3 paragraphs about teamwork in my organization (Finance department). like how was the...
Please write (typed) 2-3 paragraphs about teamwork in my organization (Finance department). like how was the teamwork at my organization and how successfull we were in it. Don't name any specifc organizaton name. It should refer to my organization.
Please write 2 -3 good paragraphs about how can an organizattion stop gowing to increase its...
Please write 2 -3 good paragraphs about how can an organizattion stop gowing to increase its profitability with two actaul example of organizatiions that stopped growth to increase profitability and how it worked? Thank you
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT